LegalJourney Blog

Monday, June 19, 2017

When you should establish an IRA as a trust

Financial-Planning.com published an article by Ed Slott entitled, "When you should establish an IRA as a trust" (May 31, 2017). Provided below is a brief summary of the article published at Financial-Planning.com: 

When you should establish an IRA as a trust

A trusteed IRA offers provisions beyond a custodial plan, but is it a good strategy for clients? The answer depends on several factors, including how much control – or not – the client wants their beneficiaries to have.

With a trusteed IRA, a financial organization adds trust terms and language to the plan. As a trusteed IRA is, in essence, a conduit trust; the trustee must pay out the annual required minimum distribution to beneficiaries.

Under the tax code, an IRA can be established as a trust or custodial account. With a trusteed IRA, a financial organization adds trust terms and language to the plan. Thus, the IRA itself becomes a trust, with the financial organization acting as the trustee.

To continue more in depth on this issue, please continue to read the full article "When you should establish an IRA as a trust" from Financial-Planning.com


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Attorney Karnardo Garnett represents clients with their Estate Planning, Elder Law and Asset Protection needs throughout the Tampa Bay Area, serving all of the bay area, including but not limited to Tampa, Brandon, Clearwater, St. Petersburg, Gibsonton, Riverview, Oldsmar, Safety Harbor, Hillsborough County, and Pinellas County, FL



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